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Warren Buffett is undoubtedly one of the most respected investors of all time. On paper, Buffett’s investment strategy is pretty simple: 1. Buy businesses, not stocks. In other words, think like a business owner, not someone who owns a piece of paper (or these days, a digital trade confirmation). 2. Look for companies with competitive advantages that can be maintained, or economic moats. Firms that can successfully fend off competitors have a better chance of increasing intrinsic value over time. 3. Focus on long-term intrinsic value, not short-term earnings. What matters is how much cash a company can generate for its owners in the future. Therefore, value companies using a discounted cash flow analysis. 4. Demand a margin of safety. Future cash flows are, by their nature, uncertain. To compensate for that uncertainty, always buy companies for less than their intrinsic values. 5. Be patient. Investing isn’t about instant gratification; it’s about long-term success.